Fact sheets shed light on the ongoing economic toll of student loan debt on working families across the country
January 13, 2025 | WASHINGTON, D.C. — Student Borrower Protection Center (SBPC) released a series of statewide and congressional district-level snapshots of the student loan debt crisis today. In addition to providing granular insight into the number of borrowers and student loan indebtedness across the nation, the fact sheets also shed light on the number of constituents who have benefitted from more affordable repayment options and life-changing debt relief over the last four years.
“Across suburban, rural, and urban communities alike, millions of working families are struggling to make ends meet—including the 45 million Americans drowning in student loan debt. These snapshots paint a clear picture of the ongoing economic toll of the student loan debt crisis on communities across every corner of this country,” said SBPC Policy Director Aissa Canchola Banez. “The American people are demanding that policymakers take action to lower the costs of living, make college more affordable, and alleviate the burden of student debt.
“Instead of working to address the student debt crisis and reduce these costs, congressional leaders are pushing dangerous cuts that will cause monthly payments to spike and make paying for college more expensive and risky. We hope these snapshots help policymakers recognize the impact of student debt in their own backyards and take urgent action to lower everyday costs—not add to the burden on these working families.”
The data comes as the newly sworn-in conservative congressional majority actively considers legislative proposals that would roll back critical protections for student loan borrowers and make student loan debt even more expensive for millions of working-class Americans as part of budget reconciliation. The snapshots highlight the millions who will be forced to bear the economic brunt of proposals to eliminate the Saving on a Valuable Education (SAVE) Plan—which has helped make student loan payments more affordable for 8 million borrowers—and gut crucial loan programs like the Grad PLUS and Parent PLUS loan programs, which would push students and families into the riskier private loan market to pay for college.
Background
Over the last four years, 5 million Americans were freed from the crushing burden of their student loan debt and 8 million borrowers were able to benefit from lower monthly payments as a result of the SAVE Plan. Now, as the 119th Congress begins and as President-elect Trump prepares to take office, millions of families with student debt find themselves in economic limbo as partisan lawsuits and political gamesmanship threaten their financial stability.
Immediately following last November’s Presidential campaign, which focused on lowering costs, SBPC and partners released a national poll showing that student debt remained a major focus of voters’ economic anxiety and drove more than ⅓ of voters to the polls. The national poll also found that despite proposals to roll back protections for student loan borrowers in Donald Trump’s Project 2025 agenda, the poll found significant bipartisan support for policy solutions to make student loan payments more affordable. This poll also shows a large gap between right-wing officials’ stated plans and Republican voters’ expectations for action by the incoming Trump administration: nearly two-thirds of Republican voters trust President Trump to take steps toward making college more affordable.
Instead of exploring ways to bring down the cost of college and make student debt affordable, congressional leaders and the incoming Trump Administration are exploring ways to codify aspects of the extreme right-wing Project 2025 agenda that will exacerbate the student debt crisis and make college costs and student debt more expensive for millions of Americans. To view the statewide and congressional district Snapshots, click here.
Further Reading
National polling demonstrating that college costs and student debt remain a top economic concern to voters: https://protectborrowers.org/release-november-2024-poll-student-debt-electorate/
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About Student Borrower Protection Center
Student Borrower Protection Center (SBPC) is a nonprofit organization focused on eliminating the burden of student debt for millions of Americans. We engage in advocacy, policymaking, and litigation strategy to rein in industry abuses, protect borrowers’ rights, and advance racial and economic justice.
Learn more at protectborrowers.org or follow SBPC on Twitter @theSBPC.